Only $60 trillion in debt world wide ...

[bitpump]

Only $60 trillion in debt world wide ...



http://uk.businessinsider.com/graph-worlds-debt-share-by-country-2015-8?r=US&IR=T

[RustyNomad]

ONLY $60 trillion.....

If I ONLY had 0.000001% of that in my bank

One thing is for sure, the world overall is not in good shape. The central banks are out of control, not that they ever were in control. I just cannot see how thing will return to anything resembling 'normal' without a major 'reset' and that reset is going to hurt big time.

[Fuserleer]

Thats exaggerated though, because in reality a lot of countries have crossed debt.

For example in the EU, the UK owes Germany a large chunk of change, but at the same time Germany has a large amount of credit with the UK.  If the lesser in debt of those 2 countries came to an agreement where that debt was mutually wiped, the you are left with just real debt.

So if the UK owed Germany $5B, and Germany owed the UK $7B....then the real debt is only $2B

However this wont ever happen, because the interest on the debts can be classed as income, and if you wipe out that mutual debt, you do also with the interest.

[NorrisK]

Thats exaggerated though, because in reality a lot of countries have crossed debt.

For example in the EU, the UK owes Germany a large chunk of change, but at the same time Germany has a large amount of credit with the UK.  If the lesser in debt of those 2 countries came to an agreement where that debt was mutually wiped, the you are left with just real debt.

So if the UK owed Germany $5B, and Germany owed the UK $7B....then the real debt is only $2B

However this wont ever happen, because the interest on the debts can be classed as income, and if you wipe out that mutual debt, you do also with the interest.

Would be interesting to see what the result of this would be... The net amount of outstanding debt should in theory be 0 right, maybe a couple percent to account for inflation..

[Fuserleer]

Thats exaggerated though, because in reality a lot of countries have crossed debt.

For example in the EU, the UK owes Germany a large chunk of change, but at the same time Germany has a large amount of credit with the UK.  If the lesser in debt of those 2 countries came to an agreement where that debt was mutually wiped, the you are left with just real debt.

So if the UK owed Germany $5B, and Germany owed the UK $7B....then the real debt is only $2B

However this wont ever happen, because the interest on the debts can be classed as income, and if you wipe out that mutual debt, you do also with the interest.

Would be interesting to see what the result of this would be... The net amount of outstanding debt should in theory be 0 right, maybe a couple percent to account for inflation..

No it wouldn't be zero, Ive simplified it a lot in my post, and there is a lot of legitimate debt between countries.  It's impossible to get all the facts as a lot of debt isn't public information, but an reduction in that total value of perhaps 20-30% is pretty reasonable, maybe more.

Quite a few countries would certainly drop off the debt list though and have zero liability, especially if the debt/credit consists of mainly imports/exports (like Russia).

[GonnaGrinditout]

Is there a correlation between the giant pile of U.S debt and the creation of bitcoin currency?
if the debt is converted to bitcoin, is there a risk for China, the United States' largest foreign creditor?

[bitpump]

Would be interesting to see what the result of this would be... The net amount of outstanding debt should in theory be 0 right, maybe a couple percent to account for inflation..

here is an attempt to get result for europe in 2011:

How much EU debt can be written off through cross cancellation?Anthony J. Evans 23 May 11
http://www.politicsforum.org/forum/viewtopic.php?f=9&t=131351

[BADecker]

Whatever the amount of debt, it is important only to those who play the money games.

There are a lot more millionaires now than in the past.

What counts to us small people is how we are going to get food on the table if the currency collapses.

Seems to me that there is about $250 million in cash that is not being hoarded, and is available for use in the United States. Seems, also, that we do about $1 billion in wireless debt transactions a day. What would the people ever do if they wanted all the cash that they could have in their hands?

Some say that the system would collapse. Others say that Internet banking would prevail, and the people would have to learn to take it.

Others say that the whole thing would collapse.

Still others suggest that if we went to banking without cash entirely, that the banks could shut down and collapse the system themselves, just to get rid of certain problems regarding handling debt.

Doug Casey is selling something. But his sales pitch has a lot of info in it. Is he right? Take a read https://www.caseyresearch.com/cm/how-to-survive-a-real-currency-collapse.

Bill Bonner, although a competitor of Doug Casey's, seems to agree. If the site locks you into a video that you don't want to see, simply reload the page. http://bonnerandpartners.com/weekend-edition-literally-your-atm-wont-work/

[pureelite]

wow i cant belive that usa owes over 30% debt of those 60 trilions,i touth they were a much much richer country
even lots of other countries got debts that i would never say they do

[Za1n]

That is only reflecting government (sovereign) debt, if you factor in all forms of debt the figure is closer to $200 trillion:





(From: http://www.mckinsey.com/insights/economic_studies/debt_and_not_much_deleveraging )

[Daniel91]

I think that this is very serious issue today but it seems that politician don't care much about it.
Whenever the government needs more money to fulfill some pre-election promises, Politicians always take out new loans and debt spiral is extended.
It is clear that this can not go on forever and that there will be a financial collapse in the future.
If it is true that China controls a majority of US debt then it is a serious cause for concern.
I think it is high time that the Western states cease to live in debt and become more accountable to their citizens and future generations.

[BADecker]

Fiat currency, although used like money, isn't money. It's a lie. And all lies backfire on the liar sooner or later.

Bitcoin is much closer to the truth. It is essentially monetized barter.

The question is, if people understood the truth about fiat and Bitcoin, what would they want to do? Accept the truth - barter (Bitcoin)? Or remain in the lie - fiat?

[Karpeles]

saving this topic to show to people when they say there is no economical crisis ahead and everything is OK and great

[bryant.coleman]

The Japanese situation is not sustainable at all. The repayments alone amount for more than 60% of the annual government budget. That means that they have just the remaining 40% available for the other expenses. Japan needs to do something to decrease this gigantic debt... BTW... how did they managed to acquire this much debt?

[wxa7115]

Well, the world economy is based around debt. I remember watching Tosh.O an he made a joke about Las Vegas which was:

There's something for everybody: Fake Italy, Fake Paris, Fake tits, real depression

If we change that for: Fake money, Fake debt, Fake tits, real depression. Then we'll have an accurate model for the future of the world.

[n2004al]

What is this? Nothing. Can be feed billions of poor people in the poor Africa, can be build millions of kilometres of water supply, can be build millions of homes for the homeless and an many more things. The only question is to take that money and to do all this....